• Contingent Resources for West Newton Kirkham Abbey Formation
• Prospective Resources for Ellerby, Spring Hill and Withernsea Prospects

Union Jack Oil has provided summary details from a Competent Person's Report ('CPR'), dated September 2022, prepared by RPS Energy Canada evaluating the resources of PEDL183, as of 30 June 2022.

HIGHLIGHTS

• Kirkham Abbey Best Case Gross Unrisked Contingent Technically Recoverable Sales Gas at West Newton is estimated to be 197.6 billion cubic feet ('bcf')
• Geological Chance of Success of Kirkham Abbey estimated to be 85.5%
• Gross NPV10 risked value of Kirkham Abbey Contingent Gas Resource is US$396.1 million post tax
• Substantial additional Prospective Resource figures for Ellerby, Spring Hill and Withernsea
• Union Jack fully funded for the drilling of the horizontal well and testing in 2023

Executive Chairman of Union Jack, David Bramhill commented:
"The conclusions of the CPR signal a highly valuable onshore project with resources comparable to those usually reported from offshore developments and at a time when forward gas pricing is higher than oil . Such a significant domestic onshore gas resource as West Newton will be an important transition fuel in helping the UK achieve its 2050 Net Zero targets.

"The Geological Chance of Success of 85.5% in respect of the Kirkham Abbey formation at West Newton is amongst the highest that I have ever observed.

"I look forward to the commencement of the drilling of a large scale horizontal well during 2023, with potentially, a Company-making result to complement our successful onshore Wressle oil production development, which has already financially transformed Union Jack and propelled the Company into a profitable entity.

"Union Jack is fully funded for the drilling of the horizontal well and all testing operations where third-party technical analysis has determined that using long horizontal development wells and oil-based muds should maximise hydrocarbon productivity.

"We look forward to 2023 with a seriously high level of positive anticipation on many fronts."

PEDL183 COMPETENT PERSON'S REPORT

The CPR was prepared on behalf of the operator Rathlin Energy (UK).

While Union Jack holds a 16.665% economic interest in PEDL183, note that the Report presents net data based on Rathlin's 66.67% economic interest in PEDL183.  

An abridged version of the Report is presented herein, and the full CPR can be viewed on the Company's website www.unionjackoil.com